Valeant Pharma Gets Notice Of Default From Bondholders

(RTTNews) - Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) said that it has received a notice of default from the trustee under one of its senior note indentures as a result of the delay in Valeant filing its Form 10-Q for the period ended March 31, 2016. The notice of default does not result in the acceleration of any of Valeant's indebtedness.

Under its senior note indenture, Valeant has 60 days from the receipt of the notice to file the Form 10-Q, which will cure the default in all respects. As announced on May 9, 2016, Valeant expects to file the Form 10-Q with the Securities and Exchange Commission and the Canadian Securities Regulators on or before June 10, 2016, which would be well in advance of the 60-day cure date of July 18, 2016.